Oppenheimer Maintians Bullish View on Immunogen (IMGN) after MIRV Demonstates 90% ORR in High Expressers

Oppenheimer analyst Christopher Marai reiterated an Outperform rating and $24 price target on Immunogen Inc. (NASDAQ: IMGN) after the company presented updated mirvetuximab soravtansine (mirv) Phase 1 data at AACR-NCI-EORTC meeting (Nov. 8), demonstrating 90% (9/10) objective response rate (ORR) in patient subset with high-expressing folate receptor alpha (FRα) ovarian cancer, compared with 80% (8/10 patients) reported at ASCO. Additionally, initial durability was disclosed, with majority of those patients (6/10) remaining on therapy for more than 24 weeks. ORR in the study (included both medium/low FRα expressers) dropped slightly to 50% (10/20) from 53% (9/17).

"We see clear anti-tumor activity, which favorably compares to AstraZeneca's approved Lynparza (ovarian cancer) and historical ~20% response rate, and are encouraged that ORR remained high in high-expressing FRα patients," Marai said. "We anticipate disclosure of mature data at ASCO, and potential IO combos will represent significant catalysts going forward."

For an analyst ratings summary and ratings history on Immunogen Inc. click here. For more ratings news on Immunogen Inc. click here.

Shares of Immunogen Inc. closed at $13.21 yesterday.

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